The incredible disappearing bank branch

I know what you are going to tell me; surveys indicate that your members still want their bank branches but let’s face it, they are turning into awfully expensive and increasingly risky security blankets for your aging membership. According to the Wall Street Journal,  the 12 month period ending in June 2017 saw the biggest decline in bank branches in decades. The biggest banks are closing shop in both suburban and rural areas and regional banks are selling property they once were holding for expansion.

In my ever so humble opinion we are seeing the signs of a fundamental shift in the way services are provided. Technology has made it easier to cost effectively provide banking services in underserved areas. In addition, take a look at how Amazon is revolutionizing the food shopping experience and the question is not if, but when that bank branch is going to be obsolete.

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